Peanuds, which delivers a convenient financial application for digitally focused startups, freelancers, and small to medium-sized businesses (SMBs), has announced a strategic partnership with leading embedded finance provider, Weavr.
Peanuds combines payments, such as money transfers and cards, with a team-based spend-management platform. Together, they allow clients to set up user profiles with custom roles and permissions, and assign dedicated payment cards, with analytics to track usage. Weavr enables Peanuds with all the financial infrastructure required, including virtual IBAN, physical and virtual cards, and multiple currency support. Peanuds builds on the Weavr solution through an intuitive interface and various spend management features, which allow its clients to scale their businesses and manage their finances as quickly and effectively as possible.
Peanuds initially focuses on digitally minded small businesses in digital-nomad hubs such as Cyprus, Malta, and Portugal. While these countries are extremely popular with e-commerce companies, agencies, and other business types, the local banking systems are often unable to meet their requirements. Moreover, the World Bank calculates that 40% of SMB’s financial needs are underserved by banks. For example, an e-commerce company cannot wait a week for a card and often needs many of them immediately to launch advertisement campaigns, pay for tools, and cover invoices. Similarly, it can often take weeks or months to open local bank accounts, which can be problematic for small projects that start out without the support of a finance team to manage various onboardings. Although Peanuds’ initial target market is Cyprus, the platform can be used by companies across Europe.
Sporting a fully modular architecture that connects to various financial service providers, Peanuds meets the needs of different user types through a single platform and brand. The goal is to give users access to various accounts and services under one login, envisioning a financial superapp enabled by embedded finance. Weavr’s embedded finance platform, as well as its Open Banking framework, provides the technical infrastructure to make this happen, forming a central part of Peanuds’ platform.
The partnership with Weavr represents a significant strategic step towards realising the company’s product vision. By providing the necessary technical infrastructure and legal framework to deliver financial services efficiently, securely, and at scale, Weavr enables Peanuds’ team to focus on their core strengths: building an outstanding product and user experience.
Peanuds chose Weavr as its partner to launch and scale their offering due to their exhaustive feature set, highly competitive pricing, and, perhaps most importantly, clear and easy-to-work-with technology.
Speaking on the new partnership, Florian Reike, co-founder of Peanuds, commented: “We are super happy to collaborate with Weavr. Their top-notch technology and guidance allow us to deploy new capabilities and features in a very fast and agile manner. This product would not be possible without embedded finance. After extensive research, Weavr was clearly the best partner for us to launch with for our target market.”
Alex Mifsud, Co-founder and CEO of Weavr, added, “Peanuds’ comprehensive suite of payment functions, combined with our embeddable financial solutions, showcases the true potential of embedded finance, particularly in the supplier finance realm. We are excited to support Peanuds in solidifying its position as a finance platform tailored specifically for a currently underserved target market, and look forward to the positive impact this partnership will have on its users and the broader market.”